Perez is expected to join The Gunners for a fee of around 20 million euros from Deportivo La Coruna
. No more details of his contract have been released.
Arsenal manager Arsene Wenger says the transfer will be of great help to his limited forward line. The 27-year old Spaniard scored 17 goals in 37 games last season.
Arsenal have already snapped up midfielder Granit Xhaka, defender Rob Holding, forward Takuma Asano and midfielder Kelechi Nwakali.